Key Highlights
- DOT rose 6.1% in 24 hours to $1.17 while the global crypto market capitalization fell 0.6% to $2.88 trillion.
- Polkadot’s market capitalization reached $1.997 billion, with 24-hour trading volume at approximately $297.23 million.
- The network launched dotUSD on mainnet following approval of OpenGov Referendum 1944, which received 98.4% support.
Polkadot’s DOT token advanced 6.1% over the past 24 hours to $1.17, even as the broader cryptocurrency market recorded a modest decline. The global cryptocurrency market capitalization stood at $2.88 trillion, down 0.6% in the last 24 hours.
According to CoinGecko data (on October 9 at 14:55 UTC), DOT traded within a 24-hour range of $1.01 to $1.20. The token was also valued at 0.00001407 BTC, up 5.0% against Bitcoin over the same period. Market capitalization reached $1.997 billion, matching the fully diluted valuation. Twenty-four-hour trading volume totaled $297.226 million.
Perpetual futures open interest stood at $1.343 billion. Circulating supply and total supply were both listed at 1.707 billion tokens, with a maximum supply of 2.1 billion. The price chart for the period showed DOT declining early before recovering and climbing toward the session high near $1.20, settling at $1.17 by the latest reading.
Over the past seven days, DOT’s range was $1.01 to $1.25. The all-time high remains $54.98, placing the current price 97.9% below that level. The all-time low is $0.727, leaving the present price 61.0% above that mark.
Broader market context
The latest market capitalization figure of $2.88 trillion reflected a smaller decline than the previous session. On October 8, the total market capitalization had fallen 3.31% over 24 hours to approximately $2.83 trillion.
At that time, Bitcoin traded at $80,550.95, down 3.3%, after moving between $80,426.95 and $83,562.71. Ethereum declined 5.7% to $2,413.37, with a 24-hour range of $2,409.36 to $2,584.49. More than $1 billion in leveraged crypto positions were liquidated during that 24-hour window.
The earlier pullback occurred alongside higher U.S. Treasury yields, oil prices above $100 a barrel, a stronger dollar, and Federal Reserve minutes indicating that some policymakers viewed another rate increase as appropriate before year-end.
Stablecoin development and market movement
Polkadot introduced its native dollar-pegged stablecoin, dotUSD, on the mainnet on Thursday. The token operates under the network’s on-chain OpenGov system rather than through a private issuer, giving DOT holders a direct role in key decisions. OpenGov Referendum 1944 approved the launch, established operational rules, and authorized a DOT-dotUSD liquidity pool along with treasury funds to support initial liquidity.
The proposal received 98.4% approval, backed by roughly 4.3 million DOT. dotUSD runs on Polkadot Hub and draws partial inspiration from Liquity v2’s BOLD design. The network is rolling out the system in stages. The first phase relies on a simpler mechanism to maintain the $1 peg so the stablecoin can begin circulating ahead of a planned DOT-backed structure.
Users can currently mint dotUSD one-for-one by depositing USDT through a peg stability module and redeem it for an equivalent value in USDT. An initial limit restricts the total amount of dotUSD that can be issued.
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